Obama plans out 2010 political plan

President Barack Obama sat down with congressional leaders to map-out his legislative agenda for the remainder of this election year. He set priorities and shaped a political battle plan.

He told reporters he wants congressional leaders to take up Wall Street reform.

"To move quickly on a financial regulatory reform package," he said.

According to ABC7 political analyst Bruce Cain, speed is critical.

"It's kind of a replay of where we were with health care," he said.

Cain says like health care, the financial bill is massive and complicated. And like health care, if Republicans have enough time they'll reframe the debate to their political advantage.

"This is a big complicated subject, another massive bill that we believe in its current form provides an endless tax payer bailout of Wall Street firms," Senate Minority Leader Mitch McConnell, R-KY, said.

McConnell knows there's a lot of public anger over bank bailouts. So he is talking about a provision in the legislation that would require large financial firms to pay into a fund to cover the costs of banks that fail that he calls a 'bailout.'

"The bill that they've reported out of committee is an endless taxpayer bailout of Wall Street banks," he said.

"Apparently Frank Luntz and Republican pollsters have done some push polling and found that if you construe this as more of a bailout for Wall Street you can capture public sentiment against this bill," Cain said.

Cain says if the president and Democratic leaders in Congress don't quickly refute that characterization it could become the focus of public anger.

"It's sort of right out of the Karl Rove play book which is always to take the strength of the other side and play it against them," said Cain.

And the president was asked about it.

"I am absolutely confident that the bill that emerges is going to be a bill that prevents bailouts that's the goal," Obama said.

In a tough election year, the goal for Speaker of the House Nancy Pelosi is to get Democrats elected. She says she's confident, but it's going to be an uphill battle.

"What she might mean by being confident is that they will retain control of both houses," Cain said.

Cain also expects the president to push Congress to pass his energy bill before November. He says the president began undercutting opposition by talking up off shore oil drilling.

The one issue Cain believes won't be on the Democratic agenda this year is immigration reform. It is too divisive within the president's party and an issue that could energize Republicans.